Скачать или смотреть Analytical Procedures: Benchmarking | CPA Exam AUD

In this session, we will discuss analyticak procedures.

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0:00 introduction
This video dives into analytical procedures in auditing, which are evaluations of financial information by analyzing relationships between financial and non-financial data (0:10)
Mandatory vs. Optional Use: Analytical procedures are mandatory at the planning stage (0:32) and at the final review stage of an audit (1:11). They are optional during the testing phase (0:46, 1:30).
Importance of Context: Financial figures and ratios only make sense when put into context, similar to how a test score needs a class average for comparison (2:01).
Benchmarking Data: Auditors use various benchmarks to assess performance and identify potential inaccuracies (3:26):
Industry Benchmarks: Comparing client data to industry averages (3:46). The video provides an example with inventory turnover and gross profit margin (4:46). Limitations include differences in business nature and accounting methods (9:56).
Prior Period Data: Comparing current client data to their own past performance (e.g., this year vs. last year, quarter vs. quarter) to spot unusual changes (11:21). The video stresses looking at both dollar amounts and percentages (16:10).
Client Budgets: Comparing actual client data to their internal budgets (19:50). This is especially common for governmental units (20:21).
Auditor Expectations: Developing anticipated balances based on historical trends, relationships between accounts, or non-financial data (21:19).

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